There is always something new and exciting waiting for you in Georgia. Learn more about this dynamic state with PlanetGeorgia.org.

Menu

Tag Archives: law and order

Moreover, the law established the rule in case of such third parties will be a few that Priority is given to a third party, whose first received notice of arbitration (external or competitive) control, in this case pursuant to the debtor's obligations to creditors from other persons is not accepted (paragraph 1 of Article 113 Federal Law "On Insolvency (Bankruptcy)". In addition, a third person, sent the notice shall begin actual implementation of the obligations of the debtor, within one week, and finish to satisfy fully the claims of creditors in According to the registry themselves or provide all information necessary to satisfy the amount of the debtor not later than one month, and such terms shall begin to run from the date of notification. Otherwise, notify the third party is considered invalid (paragraph 1 of Article 113 of the Federal Law "On Insolvency (Bankruptcy)". This active role of the third party ends and begins work and the liquidator Court of Arbitration. Thus, upon completion of payments to creditors trustee is a court of arbitration report on the results of the procedure of bankruptcy (external control and competitive production), and the approval of this report, the meeting of creditors of the bankruptcy law is involved, provided only that such a report to be accompanied by documents evidencing payment of creditors' claims (Paragraph 1 of Article 117, paragraph 1 of Article 147 of the Federal Law "On Insolvency (Bankruptcy)." Furthermore, if the procedure of creditors was held under external control, the external manager must also notify held the procedure of the bankruptcy creditors. The arbitral tribunal considered the report submitted by the liquidator on the outcome of the procedure and bankruptcy law was checked procedures for repayment requirements may make a ruling on dismissal of the bankruptcy case (paragraph 1 of Article 149 of the Federal Law "On Insolvency (Bankruptcy)". In practice, the problem arises when the arbitral manager does not comply with specified, mandated by law the obligation to provide a report to the arbitral tribunal and, accordingly, the court can not review the report and dismiss the bankruptcy case.